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The week started quickly in yen, with 44 trades announced yesterday, including a handful of deals from triple-B rated issuers. And as could be expected, most of the triple-B notes came from Japanese-based issuers. Daiwa Securities SMBC announced two ¥500 million ($4.16 million) notes with maturities of 15 and 20 years. DKB Finance (Aruba) did a ¥1 billion 10-year trade, and Nikko Bank (Luxembourg) did a ¥100 million five-month deal via Salomon Smith Barney. Sumitomo Corp Capital Europe announced a ¥3 billion trade, also via Salomon, that goes out to October next year. Reichhold Finance (USA) did its third note of the year, though it is the 10th of the year off the programme, which has Dainippon Ink and Chemicals as an issuer too. Reichhold's note is for ¥8.5 billion and has a term of one month. Salomon was dealer again. Triple-A Kommunekredit did a ¥500 million trade that was quickly increased to ¥600 million via Nomura. It was a Bermuda-callable capped US dollar-yen power reverse dual currency note and matures in December 2021. Banque Generale du Luxembourg announced a ¥500 million 15-year note with HSBC as bookrunner. And Banque et Caisse d'Epargne de l'Etat Luxembourgdid a ¥500 million 10-year deal. It has a fixed coupon of 1%. Toshiba International Finance (Netherlands) did two ¥2 billion notes. And although they have identical maturities of one year, one pays 6.014% and the other pays 0.14%. Canadian Wheat Board did its 20th yen note of 2001. It was a ¥120 million 15-year trade that has an initial fixed coupon of 7%. And the other Canadian issuer in the market was Toronto Dominion Bank. It announced a ¥1 billion deal that goes out to November 2011.

Engineering group ABB Ltd has mandated Citibank (joint bookrunner) and Credit Suisse First Boston (joint bookrunner and facility agent) to arrange its debut credit, a $3bn 364 day revolver. The deal was launched at a bank meeting in Zurich yesterday (Thursday). It carries a margin of 25bp over Libor. This ratchets in line with ABB's Standard & Poor's/Moody's ratings as follows: A+/A1, 27.5bp over Libor; A/A2, 30bp over Libor; A-/A3, 35bp over Libor. ABB is rated AA- by Standard & Poor's and Aa3 by Moody's.

South Africa The $100m one year facility for BoE Bank was launched into syndication on Monday November 12.

Algerian oil company Sonatrach this week secured a $50m loan via the Arab Investments Corporation (Apicorp) and the Arab Investment Company. The loan coincides with intensifying disputes between Opec and Russia that have caused the oil price to plummet. The commodity fell to a low of $17.15 on the NYMEX yesterday evening (Thursday) - a level the market has not seen since 1999.

The European Investment Bank's EARNs programme was revitalised this week when the supranational proved that it could respond to the needs of investors by offering a Eu5bn five year global bond that was priced to clear after a careful premarketing and bookbuilding process. But at the same time, the EIB's management could take heart from the funding level achieved. The re-offer level of around mid-swaps minus 8bp was in line with a group of second tier European sovereigns, inside the borrower's EARNs curve, and almost flat to Kreditanstalt für Wiederaufbau's benchmark issuance.

The European Investment Bank's EARNs programme was revitalised this week when the supranational proved that it could respond to the needs of investors by offering a Eu5bn five year global bond that was priced to clear after a careful premarketing and bookbuilding process. But at the same time, the EIB's management could take heart from the funding level achieved. The re-offer level of around mid-swaps minus 8bp was in line with a group of second tier European sovereigns, inside the borrower's EARNs curve, and almost flat to Kreditanstalt für Wiederaufbau's benchmark issuance.

Colombia * Republic of Colombia

Jumbo loans for European telcos, such as the facility for Wind, are facing tough market conditions, as bankers become wary of their exposure to the sector and are shying away from deals they would normally join. The 20 or so banks that joined general syndication of the Eu5.5bn loan for Wind will be signed in before the end of November.

Espirito Santa Investment has added Banco Espirito Santo de Investimento as a dealer to its euro500 million ($441.67 million) Euro-MTN programme. The facility has 607.88 million outstanding off 33 trades.

Jumbo loans for European telcos, such as the facility for Wind, are facing tough market conditions, as bankers become wary of their exposure to the sector and are shying away from deals they would normally join. The 20 or so banks that joined general syndication of the Eu5.5bn loan for Wind will be signed in before the end of November.

* Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc

* CGNU plc Rating: Aa3/A